PHILADELPHIA — Apartment Investment and Management Co. (Aimco) (NYSE: AIV) has agreed to purchase six apartment communities in the metropolitan Philadelphia area for $445 million. The seller is the portfolio’s developer, Philadelphia-based Dranoff Properties Inc. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company,” says Carl Dranoff, founder and CEO of Dranoff Properties. “Aimco’s expansion and commitment to Philadelphia make it an ideal steward of these trophy assets that we carefully built, owned and managed. I am incredibly enthusiastic about the future of Dranoff Properties as we begin our third decade.” The portfolio comprises 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space. Three of the properties are situated in Philadelphia’s Center City district, and the others are located in University City, Lower Merion Township and Camden, N.J. The acquisitions are expected to close in the second quarter, except for the purchase of the Lower Merion asset, which is under construction and expected to close in the first half of 2019 following its completion. Aimco is initially funding the acquisition with $290 million of existing property debt, $65 million …
